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2018 Consumer Financial Literacy Survey
Prepared For:
March 13, 2018
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Survey Methodology
The 2018 Financial Literacy Survey was conducted online within the United States by Harris Poll on behalf of the NFCC (National Foundation for Credit Counseling) between February 28th and March 2nd, 2018 among 2,017 U.S. adults ages 18+. Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was used to adjust for respondents’ propensity to be online. Prior to 2013, this survey was conducted by telephone. All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, Harris Poll avoids the words “margin of error” as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal. Respondents for this survey were selected from among those who have agreed to participate in Harris Poll surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in the Harris Poll panel, no estimates of theoretical sampling error can be calculated.
Significance Testing
When results from sub-groups of a sample appear in the detailed tabulations, an indicator of statistically significant differences is added to the tables run on our standard demographic banners. Significance testing is done to the 95% confidence level, and the test is performed on percentages as well as mean values. Each sub-sample is assigned a letter. When the percentage of one sub-sample is significantly different from the percentage of another sub-sample, the letter representing one of the two samples appears next to the percentage (or mean) of the other sample. For instance, the percentage of males answering yes to a particular question may be compared to the percentage of females answering yes to the same question. In the example below, the male sample is assigned the letter B, and the female sample is assigned the letter C. Here, respondents were asked whether a certain business practice is acceptable. 67% of women said that it was -- a proportion significantly greater than the 57% of males who believe that the practice is acceptable. To indicate that women are significantly more likely to find the practice acceptable than are men, the letter B -- the letter assigned to the male sub-sample -- appears next to the “67%” in the female column. Similarly, the 37% of men that find the practice unacceptable is significantly greater than the 29% of women who do so and, therefore, the letter C -- the letter assigned to the female sub-sample -- appears next to the “37%” in the male column.
Sex
Total Male Female
(A) (B) (C)
Unweighted Base 977 488 489
Weighted Base 967 464 503
Acceptable 611 274 337
63% 57% 67%B
Not Acceptable 319 171 148
33% 37%C 29%
Don’t Know 37 18 19
4% 4% 4%
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Key Findings Budget, Spending, & Saving In 2018, about two in five U.S. adults (41%) – a proportion that has held roughly steady since 2007 – say they have a budget and keep close track of how much they spend on such things as food, housing, and entertainment. About half of U.S. adults (51%) are now spending the same as last year, while about 1 in 4 each report they are now spending more (24%) or less (25%) than before. The most influential factor when deciding how to pay in certain situations (i.e., cash vs. debit vs. credit) remains the amount of the purchase (49%), followed by the points/rewards they can earn by using their credit card (40%) and where/how they are shopping (online vs. brick-and-mortar store) (36%).
Over half of adults (53%) say they are now saving the same as last year, while the proportion of those who say they are saving more has increased slightly to nearly 3 in 10 (29% vs. 26% in 2017). The proportion of U.S. adults that has non-retirement savings remains nearly 7 in 10 (69%), but where adults are saving or investing their money varies: as in previous years, 2 in 3 continue to use a savings account (66%), but the use of 401k plans (37%) and investments/mutual funds (30%) has increased since 2017 (32% and 26%, respectively). Retirement When it comes to retirement savings, nearly 2 in 3 U.S. adults (65%) say they save some portion of their household’s annual income for retirement, an increase of 5 percentage points since last year (60%). Despite the fact that most are saving at least something for retirement, fewer than 1 in 5 U.S. adults (19%) feel very confident – and about 3 in 10 (29%) reveal they are not at all confident – that they are saving enough. And, when asked what areas of personal finance worry them most, the top response is still retiring without having enough money set aside (16%), followed closely by insufficient “rainy day” savings (14%). Homeownership Nearly 4 in 5 U.S. adults (78%) have tried to purchase their own home, and 72% are currently homeowners. The top 5 barriers faced by potential homeowners are:
Rising home prices;
Lack of funding for the down payment or closing costs;
Existing debt;
Limited housing options within available budget; and,
Poor credit history or low credit score. Credit Card Debt A majority of U.S. adults (61%) have had credit card debt in the past 12 months, and nearly 2 in 5 (38%) indicate their household carries such debt from month to month. Few have done something in an attempt to obtain a lower interest rate for their credit card debt, primarily because they are satisfied with their current rates or they had never thought of it.
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Key Findings (continued) Knowledge of, and Confidence in, Personal Finance Over half of U.S. adults (55%) continue to give themselves a grade of A or B on their knowledge of personal finance, and 9 in 10 (90%) say they are very or somewhat confident that the last time they made a big financial decision (such as picking a credit card, buying a car, or refinancing their mortgage), they made the right choice.
More than 3 in 4 (77%) feel knowledgeable about how their credit score is determined;
About 4 in 5 (79%) feel knowledgeable about the fees their bank or financial institution charges; and,
Just over half (52%) say they are knowledgeable about payday loans and other types of high-interest short-term loans (52%), an increase of 5 percentage points from 2017 (47%).
Yet, about 8 in 10 (79%) agree – including nearly three in ten (29%) who strongly agree – that they could still benefit from advice and answers to everyday financial questions from a professional. In fact, when asked who they would turn to for general financial/money management guidance, the top response is a financial professional such as a CPA or financial planner (37%), followed closely by friends and family (36%). In 2018, fewer U.S. adults would turn to a bank or credit union for financial advice (25% vs. 32%). Debt and Credit Counseling While nearly 3 in 4 U.S. adults (72%) continue to pay all their bills on time and have no debts in collection, one in four (25%) admit they do not pay their bills on time and nearly 1 in 10 (8%) now have debts in collection, both a slight increase from last year (22% and 5%, respectively). Only 15% of all U.S. adults say they have never had any debt, while more than half (55%) struggle to minimize their debt, primarily due to unexpected financial emergencies (24%). When asked why they would not reach out to a professional non-profit credit counseling agency for help if they were having financial problems related to debt, about one in five adults (21%) say they can resolve their own problems without outside help, and a similar proportion (19%) don’t know which agency to turn to, a slight increase since last year (15%). About one in four U.S. adults (24%), or almost 59 million Americans1, indicated they would reach out to a professional non-profit credit counseling agency for help. Small Business Financing If they were looking to start a new business…
Nearly 1 in 3 (32%) would seek a business loan through a community (15%) or national (14%) bank, credit union (17%), or online-only lender (6%)
About 1 in 4 (26%) would rely on personal funds (22%) or liquidate personal assets (9%)
Nearly 1 in 5 would apply for a public or private grant (19%), or seek an SBA-backed loan (18%) One in three U.S. adults (34%) are not at all sure how they would come up with the money if they were looking to finance a new business.
1 Calculation based on U.S. Census Bureau’s 2016 Current Population Survey (CPS), which estimates there are 244.81 million adults ages 18+ residing in the United States:
244.81M x 0.24 = 58.75M.
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Posted Topline Data
Q705 Total 2018
%
Total 2017
%
Total 2016
%
Total 2015
%
Total 2014
%
Total 2013
%
Total 2012
%
Total 2011
%
Total 2010
%
Total 2009
%
Total 2008
%
Total 2007
%
Which of the following best describes how you manage your money?
Base: Adults 18+
(n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016) (n=2,037) (n=1,007) (n=1,010) (n=2,028) (n=1,000) (n=1,001) (n=1,003)
A B C D E F G H I J K L
I have a budget and keep close track of how much I spend on such things as food, housing and entertainment
41 40 40 40 39 40 43 E 43 E 43 EL 42 42 39
Don’t Have A Budget (Net) 59 60 GHI 60 GHI 60 GHI 61 GHIJ 60 GHI 56 56 56 57 N/A N/A
I have a somewhat good idea about how much I spend on such things as food, housing and entertainment, but I don’t keep strict track of my spending on these things
48 GHIJKL
46 GHIJKL
46 GHIJKL
46 GHIJKL
48 GHIJKL
48 GHIJKL
34 34 37 39 GH 35 36
I don’t have a good idea how much I spend on such things as food, housing and entertainment, but I keep track of my overall spending and try to stay within certain limits that I’ve set for myself
8 9 9 9 8 8 15
ABCDEFJK
15 ABCDE
FJK
14 ABCDE
FJ 11 AEF
12 ABCDEF
15 ABCDE
FJK
I don’t have a good idea how much I spend on such things as food, housing and entertainment, and I often don’t keep track of my overall spending
4 5 5 5 5 4 7
ABCDEFI
7 ABCDE
FI 5
7 ABCDE
FI
7 ABCDE
FI
7 ABCDE
FI
Don’t know N/A N/A N/A N/A N/A N/A 1 1 1 1 2 I 2 I
Refused N/A N/A N/A N/A N/A N/A * * * * 2 1
6
Q710 Total 2018 %
Total 2017 %
Total 2016 %
Total 2015 %
Total 2014 %
Total 2013 %
Total 2012 %
Total 2011 %
Total 2010 %
Total 2009 %
Total 2008 %
Which of the following best describes your financial situation?
Base: Adults 18+
(n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016) (n=2,037) (n=1,007) (n=1,010) (n=2,028) (n=1,000) (n=1,001)
A B C D E F G H I J K
I pay all of my bills on time and have no debts in collection
72 GHI 75
ADEFGHIJK
74 DEFGHIJ
K 71 G 71 G 71 G 64 68 69 G 70 G 69 G
Do Not Pay All Bills On Time (Net)
25 BC 22 22 24 24 26 BC 33
ABCDEFHIJ
28 BCDE 28
ABCDE 26 BC N/A
I sometimes miss a payment but have no debts in collection
10 10 9 9 10 10 15
ABCDEFJK
14 ABCDEF
JK
13 ABCDEF
J 10 11
I struggle to pay my bills every month but have no debts in collection
7 7 7 7 7 8 11
ABCDEFH
8 9 ABCDE 10
ABCDE 9
I am getting calls from collectors and struggle to pay my bills every month
7 BCFGHIJ
K 4 5 6 BGHIJ 6 BGHIJ 5 4 4 4 4 5
I am seriously considering filing for bankruptcy or have filed for bankruptcy in the past three years
2 BCDE 1 1 1 1 2 BCDE 3 BCDE 2 BCDE 2 BCDE 2 BCDE 2 BCDE
I am not involved at all in any financial decisions including how money is spent in our household
3 GHIJ 3 GHJ 3 GHJ 5
ABCFGHIJK
4 GHIJK 3 GHIJ 1 1 2 GHJ 1 2
Don’t know N/A N/A N/A N/A N/A N/A 2 2 1 1 2
Refused N/A N/A N/A N/A N/A N/A * 1 1 1 1
Special Net: No debts in collection
89 92
ACDEFH 90 88 89 90 D 90 89 91 ADE 91 D N/A
Special Net: Debts in collection
8 BCIJ 5 6 7 B 7 B 7 B 7 B 7 B 6 6 N/A
7
Q715 Total 2018 %
Total 2017 %
Total 2016 %
Total 2015 %
The last time you made a big financial decision (e.g., picking a credit card, buying a car, refinancing your mortgage), how confident were you that you made the right choice?
Base: Adults 18+
(n=2,017) (n=1,649) (n=1668) (n=2,017)
A B C D
Very/Somewhat Confident (Net) 90 92 A 91 92 A
Very confident 52 55 55 52
Somewhat confident 37 38 36 40 C
Not at all/Not Very Confident (Net) 10 BD 8 9 8
Not very confident 7 B 5 6 6
Not confident at all 3 D 3 3 2
8
Q720 Total 2018
% Total 2017
% Total 2016
% Total 2015
% Total 2014
%
Which of the following areas of personal finance currently worries you most?
Base: Adults 18+
(n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016)
A B C D E
Have Financial Worries (Net) 73 D 75 CDE 71 70 71
Not Enough Savings (Sub-Net) 30 34 ACD 29 28 31 D
Retiring without having enough money set aside 16 18 CD 15 15 16
Not enough “rainy day” savings for an emergency 14 16 D 14 13 16 D
Job-Related (Sub-Net) 11 13 12 13 13
Losing my job 6 8 ACD 6 6 7
Not being able to find a good-paying job 5 5 6 8 ABCE 6
Not Being Able To Pay (Sub-Net) 8 8 8 8 7
Not being able to pay my credit card debt 3 D 3 3 2 4 D
Not being able to repay my student loan debt 3 E 3 3 4 E 2
Not being able to pay my existing medical debt 1 1 1 1 1
Not being able to make my monthly vehicle payments 1 * 1 1 1
Credit Score/Access (Sub-Net) 6 DE 5 6 DE 4 4
My credit score 5 DE 4 5 DE 3 3
My lack of access to credit 1 1 1 2 ABCE 1
Not being able to afford health insurance 4 4 3 4 4
Feeling as though my personal financial situation is out of control 4 4 3 4 3
Not being able to afford to send my child(ren) to college 4 BCDE 2 2 2 2
That I may have to file for bankruptcy * 1 * 1 *
Losing my home to foreclosure 1 1 1 2 ABCE 1
Not having a good, overall understanding of personal finance 2 BD 1 2 BD 1 2 BD
Other 3 3 4 3 3
None – I do not have any financial worries. 23 21 25 B 24 B 25 B
Not sure 4 3 4 6 ABCE 4
9
* Multiple responses were allowed.
Q725 Total 2018
%
Total 2017
%
Total 2016
%
Total 2015
%
Total 2014
%
Total 2013
%
Total 2012
%
Total 2011
%
Total 2010
%
Total 2009
%
Total 2008
%
Do you have any savings, excluding retirement savings?
Base: Adults 18+
(n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016) (n=2,037) (n=1,007) (n=1,010) (n=2,028) (n=1,000) (n=1,001)
A B C D E F G H I J K
Yes 69
DEGHJK 68 GHK 69 GHJK 66 G 66 G
69 DEGHJK
59 64 G 67 GK 65 G 63
No 31 32 31 34 AFI 34 AFI 31 39 ABCD
EFHIJ 33 30 32
36 ABCFI
Don’t know N/A N/A N/A N/A N/A N/A * 1 1 * *
Refused N/A N/A N/A N/A N/A N/A 2 2 2 K 2 1
Q730 Total 2018
% Total 2017
% Total 2016
% Total 2015
%
Where do you save or invest your money? * Base: Adults 18+
(n=2,017) (n=1,649) (n=1,668) (n=2,017)
A B C D
Any Savings (Net) 83 83 83 82
A savings account (e.g., regular bank savings, certificate of deposit, money market)
66 65 66 65
401k plan 37 BCD 32 D 32 D 29
IRAs 26 26 29 AD 25
Investments / mutual funds 30 B 26 32 B 30 B
At home (e.g., under mattress, in a home safe) 10 12 D 12 D 9
I have no savings or investments 17 17 17 18
10
Q733 Total 2018
% Total 2017
%
If you needed $2,000 for an emergency, where/ how would you get the money? *
Base: Adults 18+
(n=2,017) (n=1,649)
A B
A savings account 50 48
Borrow from friends and family 20 B 16
An emergency fund (separate from a savings account) 15 14
Sell something I own 15 13
Take out a payday loan or other short-term loan 9 9
Borrow from a retirement account (e.g., IRA, 401k) 7 7
Sell or liquidate investments / mutual funds 6 5
Crowdfunding (e.g., GoFundMe, Kickstarter) 3 4
Other 7 10 A
Not at all sure 12 16 A
* Multiple responses were allowed.
11
Q735 Total 2018 %
Total 2017 %
Total 2016 %
Total 2015 %
Total 2014 %
Total 2013 %
Total 2012 %
Total 2011 %
Total 2010 %
Total 2009 %
Total 2008 %
On average, what percentage of your household’s income do you save every year for retirement?
Base: Adults 18+
(n=2,017) (n=1,649) (n=1668) (n=2,017) (n=2,016) (n=2,037) (n=1,007) (n=1,010) (n=2,028) (n=1,000) (n=1,001)
A B C D E F G H I J K
0% or nothing 28 27 26 29 C 32
ABCDK 31 ABC
36 ABCDEFK
32 ABC 33
ABCDK 33
ABCDK 28
Any (Net) 65
BDEFGHIJ 60 J 62 DEJ 57 58 59 59 61 DJ 59 56 N/A
1% to 10% 38 BDEIJK 34 36 34 35 37 DK 35 35 35 34 33
11% to 20% 19
DEFGJK 19
DEFGJK 17 16 16 16 16 17 17 16 16
More than 20% 8 EFJ 7 9 BEFIJ 8 EFJ 6 6 8 EF 9 EFJ 7 6 8 EF
Already retired N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 8
Decline to answer 7 12 A 12 A 13 AF 11 A 10 A N/A N/A N/A N/A N/A
Don’t know N/A N/A N/A N/A N/A N/A 4 4 5 8 GHI 6 GH
Refused N/A N/A N/A N/A N/A N/A 2 3 3 2 2
12
Q740
Total 2018 %
Total 2017 %
Total 2016 %
Total 2015 %
How confident are you that you are saving enough for retirement?
Base: Adults 18+
(n=2,017) (n=1,649) (n=1,668) (n=2,017)
A B C D
Very/Somewhat Confident (Net) 51 50 50 48
Very confident 19 20 D 19 17
Somewhat confident 32 30 30 31
Not at all/Not Very Confident (Net) 49 50 50 52
Not very confident 20 20 22 22
Not confident at all 29 30 29 30
13
Q765 Total 2018
% Total 2017
% Total 2016
% Total 2015
% Total 2014
% Total 2013
% Total 2012
% Total 2011
% Total 2010
% Total 2009
%
Roughly how much credit card debt, if any, does your household carry from month to month?
Base: Adults 18+
(n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016) (n=2,037) (n=1,007) (n=1,010) (n=2,028) (n=1,000)
A B C D E F G H I J
Any (Net) 38 DE 39 CDE 35 33 34 37 DE 39 CDE 40 CDE 41 CDEF 44
ABCDEFG
Less than $2,500 (Subnet)
23 E 23 E 21 E 22 E 18 21 E 25 CEF 28
ABCDEF 25 CDEF
28 ABCDEF
$1 to $499 10 EF 11 EF 10 EF 11 EF 8 8 10 14
ABCDEFGJ 13
ACEFG 11 EF
$500 to $999 4 6 AE 5 5 4 5 6 AE 6 AE 5 7 ACDEFI
$1,000 to $2,499 8 CDE 7 6 6 6 8 CDE 9 CDE 8 DE 8 CDE 10 BCDE
$2,500 or More (Subnet) 16 DH 16 DH 14 D 11 15 DH 16 DH 14 D 12 16 DH 16 DH
$2,500 to $4,999 3 5 AD 4 3 4 4 5 AD 4 5 AD 5 AD
$5,000 to $9,999 6 BCDH 4 4 3 5 DH 5 DH 5 DH 3 5 DH 5 DH
$10,000 or more 7 DGHI 7 DGHI 6 GH 5 6 GH 7 DGHI 4 4 5 6 GH
None 47 B 43 48 B 49 BF 49 BF 45 53
ABCDEFIJ 50 BF 48 B 46
Decline to answer/Refused 15 GHIJ 18 AGHIJ 17 GHIJ 18 AGHIJ 18 AGHIJ 18 AGHIJ 4 6 GIJ 4 4
Don’t know N/A N/A N/A N/A N/A N/A 4 5 7 GH 6 G
14
Q770 Total 2018
% Total 2017
% Total 2016
% Total 2015
% Total 2014
% Total 2013
% Total 2012
% Total 2011
% Total 2010
% Total 2009
%
In the last 12 months, have you…?* Base: Adults 18+
(n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016) (n=2,037) (n=1,007) (n=1,010) (n=2,028) (n=1,000)
A B C D E F G H I J
Any (Net) 38 DEFH 38 DEH 35 DEH 31 31 35 DEH 38 DEH 30 40
CDEFH 40
CDEFH
Applied for a new credit card 19
DEGHIJ 19
DEGHIJ 18 EGHIJ 16 HIJ 14 HJ 17 EHIJ 15 HIJ 10 12 11
Been rejected for a new credit card 8 HIJ 8 HIJ 7 HI 7 HI 7 HI 8 HIJ 7 HI 4 5 6 H
Transferred the balance from one credit card to another
7 CEGH 7 CEGH 5 6 E 4 6 E 5 5 6 E 7 CE
Been late making a credit card payment
8 D 7 7 6 7 8 D 11
ABCDEF 9 D
12 ABCDEF
H
15 ABCDEF
GH
Missed a credit card payment 6 CDEF 6 CDEF 4 4 3 4 8
ACDEFH 5 E
8 ABCDEFH
8 ACDEFH
Made a payment that was less than the minimum payment required
6 DEFGH 6 DEFGH 5 E 4 3 4 4 4 5 E 7
CDEFGHI
Cancelled a credit card 6 D 5 6 D 4 5 6 D 13
ABCDEF 12
ABCDEF
17 ABCDEF
GH
15 ABCDEF
H
Obtained a cash advance from my credit card company
2 4 AE 3 3 AE 2 3 AE 3 4 AE 4 AE 4 AE
Consolidated my credit card debt into a personal bill consolidation loan
3 DEFGI 3 EG 3 EG 2 EG 1 2 EG 1 2 E 2 EG 2 E
None of these 62 J 62 J 65 GIJ 69
ABCFGIJ 69
ABCFGIJ 65 AGIJ 61
69 ABCFGIJ
59 58
Don’t know N/A N/A N/A N/A N/A N/A * * * *
Refused N/A N/A N/A N/A N/A N/A * 1 1 1
* Multiple responses were allowed.
15
Q785 Total 2018
% Total 2017
% Total 2016
% Total 2015
% Total 2014
% Total 2013
% Total 2012
% Total 2011
% Total 2010
% Total 2009
%
Compared to one year ago, how has the current economic climate affected your spending?
Base: Adults 18+
Are you now spending…? (n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016) (n=2,037) (n=1,007) (n=1,010) (n=2,028) (n=1,000)
A B C D E F G H I J
More (Net) 24 DEIJ 22 IJ 26 BDEIJ 21 IJ 21 IJ 27
ABDEIJ 28
ABDEIJ 26 BDEIJ 18 18
A lot more than last year 8 DE 7 8 DE 6 6 11
ABCDEIJ 10 BDEJ 9 DE 8 DE 7
A little more than last year 16 IJ 15 IJ 17 IJ 15 IJ 15 IJ 17 IJ 18 BDEIJ 17 IJ 10 10
The same as last year 51 FGHIJ 53 FGHIJ 51 FGHIJ 52 FGHIJ 50 FGHIJ 40 GHIJ 32 J 31 J 31 J 24
Less (Net) 25 26 C 23 27 C 29 ABC 32
ABCDE 39
ABCDEF 42
ABCDEF 51
ABCDEFGH 57
ABCDEFGHI
A little less than last year 15 16 15 17 17 18 AC 19 AC 23
ABCDEFG 28
ABCDEFGH 30
ABCDEFGH
A lot less than last year 9 9 8 9 12 ABCD 14 ABCD 21
ABCDEF 19
ABCDEF 23
ABCDEFH 27
ABCDEFGHI
Don’t know N/A N/A N/A N/A N/A N/A * 1 1 *
Refused N/A N/A N/A N/A N/A N/A * * * 1
16
Q790
Total 2018 %
Total 2017 %
Total 2016 %
Total 2015 %
Total 2014 %
Total 2013 %
Total 2012 %
Total 2011 %
Total 2010 %
Total 2009 %
Compared to one year ago, how has the current economic climate affected your saving habits?
Base: Adults 18+
Are you now saving…? (n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016) (n=2,037) (n=1,007) (n=1,010) (n=2,028) (n=1,000)
A B C D E F G H I J
More (Net) 29
BCDEGHIJ 26 EGH 26 EGH 24 23
29 BCDEGHIJ
21 22 24 23
A lot more than last year 8 G 7 G 8 G 7 G 7 G 9 BDEG 5 7 8 G 9 G
A little more than last year 21
CDEGHIJ 19 EGHJ 18 HJ 18 HJ 16 20 EGHIJ 16 14 17 H 15
The same as last year 53 FGHIJ 54 FGHIJ 58
ABFGHIJ 56 FGHIJ 55 FGHIJ 46 GHIJ 38 41 38 39
Less (Net) 18 20 C 16 19 C 22 ACD 25
ABCDE 40
ABCDEFIJ 36
ABCDEF 36
ABCDEF 35
ABCDEF
A little less than last year 10 10 9 10 11 C 11 C 19
ABCDEFJ 19
ABCDEFJ 18
ABCDEFJ 15
ABCDEF
A lot less than last year 8 10 AC 7 9 C 10 AC 13
ABCDE 21
ABCDEFI 18
ABCDEF 17
ABCDEF 20
ABCDEFI
Don’t know N/A N/A N/A N/A N/A N/A 1 1 1 1
Refused N/A N/A N/A N/A N/A N/A 0 * 1 G 2 GI
17
Q795
Total 2018 %
Total 2017 %
Total 2016 %
Total 2015 %
Total 2014 %
Total 2013 %
Total 2012 %
Total 2011 %
Total 2010 %
Total 2009 %
On a scale from A to F, what grade would you give yourself in terms of your knowledge about personal finance?
Base: Adults 18+
(n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016) (n=2,037) (n=1,007) (n=1,010) (n=2,028) (n=1,000)
A B C D E F G H I J
A/B (Net) 55 57 56 59 A 59 A 60 AC 58 57 65
ABCDEFGHJ 58
A 18 18 21 ABEF 19 18 18 19 21 22
ABDEFJ 18
B 37 39 C 35 40 C 41 ACH 42 ACH 39 C 37 42 ACH 40 C
C 31 BI 28 32 BI 31 BI 31 BI 31 BI 29 30 I 26 29
D/F (Net) 14 DEFHI 14 DEFHI 13 DEFI 10 I 10 I 9 12 FI 11 I 8 12 FI
D 9 DEFI 9 DEFI 9 DEFI 7 7 7 9 7 7 9
F 5 DEFIJ 5 DEFIJ 4 FI 3 FI 3 FI 2 4 FI 5 DEFIJ 2 3
Don’t know N/A N/A N/A N/A N/A N/A * 1 1 1
Refused N/A N/A N/A N/A N/A N/A * * * 1
18
Q800 Total 2018
% Total 2017
%
Which of the following, if any, would you turn to for general financial/money management guidance? *
Base: Adults 18+ Base: Adults 18+
Would you turn to...? (n=2,017) (n=1,649)
A B
Any (Net) 82 81
A financial professional such as a Certified Public Accountant (CPA) or financial planner
37 37
My friends and family 36 34
Bank or credit union 25 32 A
An online do-it-yourself tool or app that automatically generates financial/money management advice based on information I enter/provide
22 22
A professional non-profit credit counseling agency 14 14
A lawyer 7 B 5
Other 4 5
None 18 19
* Multiple responses were allowed.
19
Q805 Total 2018
% Total 2017
% Total 2016
% Total 2015
% Total 2014
% Total 2013
% Total 2012
% Total 2011
%
If you were having financial problems related to debt, which of the following, if any, would you turn to for help first?
Base: Adults 18+
Would you turn to…? (n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016) (n=2,037) (n=1,007) (n=1,010)
A B C D E F G H
Any (Net) 82 82 81 82 85 ABCD 86 ABCD 95 ABCDEFH 92 ABCDEF
My friends and family 24 25 24 25 25 28 ABCDEH 27 24
A financial professional such as a Certified Public Accountant (CPA) or financial planner
13 14 12 12 12 12 14 18 ABCDEFG
The lender or credit card company to see what solutions they could offer 12 DH 13 DH 11 H 10 12 DH 14 CDH 13 DH 8
A do-it-yourself tool to help me pay down debt myself
10 10 15 AB 13 AB 14 AB 14 AB 14 AB 15 AB
A professional non-profit credit counseling agency
8 CG 8 CG 6 G 8 CG 9 CFG 7 G 4 7 G
The lender or credit card company specifically about settling the debt for less than the balance owed
5 D 4 4 3 4 4 6 BCDEF 7 ABCDEF
A debt settlement company to settle the debt for less than the balance owed
5 DEFGH 4 4 3 3 3 3 3
A bankruptcy attorney 3 2 2 3 3 3 2 2
Other 4 4 4 5 F 5 F 3 11 ABCDEF 10 ABCDEF
None 18 EFGH 18 EFGH 19 EFGH 18 EFGH 15 GH 14 GH 4 5
Don’t know N/A N/A N/A N/A N/A N/A 1 2
Refused N/A N/A N/A N/A N/A N/A * *
20
Q810 Total 2018
% Total 2017
% Total 2016
% Total 2015
% Total 2014
% Total 2013
% Total 2012
% Total 2011
% Total 2010
% Total 2009
%
How strongly do you agree or disagree with the following statement?
Base: Adults 18+
Considering what I already know about personal finance, I could still
benefit from some advice and answers to everyday financial questions from a professional.
(n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016) (n=2,037) (n=1,007) (n=1,010) (n=2,028) (n=1,000)
A B C D E F G H I J
Agree (Net) 79 CDE 80 CDEH 75 75 73 78 CDE 80 CDEH 76 78 CDE 80 CDEH
Strongly agree 29 CDE 31 CDEF 24 E 23 E 20 27 CDE 32
CDEFH 28 CDE 31 CDEF
35 ABCDEFHI
Somewhat agree 50 IJ 49 J 51 IJ 52 GHIJ 53 BGHIJ 51 IJ 48 48 46 45
Disagree (Net) 21 20 25 ABFGIJ 25
ABFGIJ 27
ABFGHIJ 22 19 23 GJ 21 19
Somewhat disagree 14 GIJ 13 GIJ 17
ABFGHIJ 16 BGHIJ
18 ABFGHIJ
14 GIJ 10 12 10 10
Strongly disagree 7 8 9 A 9 A 10 ABF 8 9 11 ABFJ 12
ABCDEFGJ 8
Don’t know N/A N/A N/A N/A N/A N/A 1 1 1 1
Refused N/A N/A N/A N/A N/A N/A 0 * * *
21
Q815 Total 2018
%
Total 2017 %
Total 2016
%
Total 2015
%
Total 2014
%
Total 2013
%
Total 2012
%
Total 2011
%
Total 2010
%
Total 2009
%
Total 2008
%
Total 2007
%
How familiar, if at all, are you with the National Foundation for Credit Counseling, also known as NFCC?
Base: Adults 18+
(n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016) (n=2,037) (n=1,007) (n=1,010) (n=2,028) (n=1,000) (n=1,001) (n=1,003)
A A B C D E F G H I J K
Familiar (Net) 17 DE 17 DE 15 14 13 16 E 16 E 15 18
CDEH 17 DE N/A N/A
Very familiar 4
DEGHIJK 5
DEFGHIJKL 4
DEGHIJK 2 2 3 DEI 2 2 2 2 2 3
Somewhat familiar 13 E 12 11 12 E 10 13 E 14 CE 13 E 16
ABCDEFHL 15
BCDEL 15
BCDEL 12
Not Familiar (Net) 83 83 85 IJ 86
ABGIJ 87
ABFGIJ 84 83 85 I 82 82 N/A N/A
Not too familiar 23 GIKL 21 GKL 22 GKL 23 GIKL 22 GKL 21 GKL 17 20 KL 20 GKL 22 GKL 14 16
Not familiar at all 60 62 63 63 66
ABDFIJ 63 A 66 ABIJ 65 AJ 62 60 65 AJ
68 ABCDFIJ
Don’t know N/A N/A N/A N/A N/A N/A * - * * 2 2
Refused N/A N/A N/A N/A N/A N/A 0 * * * 1 G *
22
* Multiple responses were allowed.
Q820 Total 2018
% Total 2017
% Total 2016
% Total 2015
% Total 2014
% Total 2013
%
For which of the following reasons, if any, would you not reach out to a professional non-profit credit counseling agency for help if you were having financial problems related to debt? *
Base: Adults 18+
(n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016) (n=2,037)
A B C D E F
Would Not Reach Out To Professional Non-Profit Credit Counseling Agency (Net)
61 DEF 58 D 59 DEF 53 55 55
I can resolve my own problems without outside help. 21 23 21 22 24 AC 22
Credit counseling might cost too much. 17 D 17 D 17 D 14 15 17 D
I don’t know which agency to turn to. 19 BCDE 15 E 16 DE 13 12 18 BDE
I’ve never heard of professional non-profit credit counseling agencies. 12 E 11 14 BDEF 11 10 11
I would be embarrassed to discuss my financial problems with a stranger.
10 BDEF 8 D 9 DE 6 7 8 D
It might hurt my credit report and credit score. 9 DE 8 D 9 DE 5 7 D 9 DE
Credit counseling agencies only offer advice, not real solutions. 7 8 DF 9 ADEF 6 7 6
Debt settlement seems like a better solution. 5 DE 5 DE 5 DE 3 3 4
I might be required to close all my credit card accounts. 4 5 CDE 3 3 3 5 CDE
It’s easier to file bankruptcy. 3 DE 4 CDE 2 2 2 3 DE
I trust my creditors to offer me the best solution. 3 E 4 E 4 E 3 E 2 3 E
Some other reason 5 6 6 5 6 5
Not sure 14 18 A 18 A 22 ABCEF 18 A 19 A
None – if I were having financial problems related to debt, I would reach out to a professional non-profit credit counseling agency for help.
24 24 23 25 27 ABC 27 ABC
23
Q825 Total 2018 %
Total 2017 %
Total 2016 %
Total 2015 %
Total 2014 %
Which of the following, if any, are true of your personal financial situation? * Base: Adults 18+
(n=2,017) (n=1,649) (n=1,668) (n=2,017) (n=2,016)
A B C D E
I would not recommend student loans as a way to finance a college education 14 BCD 11 11 11 12
Currently Re-Paying Loans (Net) 12 DE 10 11 DE 9 9
I am currently re-paying my own student loan(s) 9 DE 8 D 9 DE 6 7
I am currently re-paying my child(ren)’s student loan(s) 3 2 2 3 3
My student loan(s) was a good investment 11 BCDE 9 CD 6 6 8 CD
Would Benefit/Would Have Benefited from Financial Counseling (Net) 11 BCDE 8 D 7 6 7
I would have benefited from financial counseling before taking out my student loans 7 BCDE 5 D 4 3 5 D
I would benefit from financial counseling to help me find a way to repay my student loan(s) 5 D 4 4 3 4
I would recommend student loans as a way to finance a college education 10 BCD 8 7 7 10 BCD
I would like to get a graduate degree, but I can’t afford it 7 D 6 D 6 D 4 6 D
If I had realized the amount of student loan debt I would accumulate, I never would have taken out the loan(s)
7 BDE 5 6 DE 4 4
My student loan(s) is /has negatively affected my credit score(s) 5 E 4 5 E 4 3
My student loan(s) was a bad investment 6 BDE 4 5 4 4
I used my student loan(s) to pay for things not associated with my education 4 DE 4 DE 3 2 2
My student loan debt has caused me to postpone the purchase of a home 4 3 4 N/A N/A
It is difficult to find the right student loan repayment program for me 5 BCDE 3 2 2 2
I will probably still be paying for my student loan debt when my child(ren) begin(s) college 5 BE 3 5 BE 4 3
If student loans could be included, I would file for bankruptcy 3 E 2 4 BE 3 E 2
My student loan debt has caused me to postpone getting married 2 B 1 2 B 2 B 2 B
None of these 58 64 A 66 A 69 ABE 65 A
*Multiple responses were allowed.
24
Q900 Total 2018
% Total 2017
%
How knowledgeable are you about each of the following? Base: Adults 18+
1. The fees (amount and for what) your bank/ financial institution charges
(n=2,017) (n=1,649)
A B
Very/Somewhat Knowledgeable (Net) 79 77
Very knowledgeable 33 30
Somewhat knowledgeable 46 47
Not at all/ Not Very Knowledgeable (Net) 21 23
Not very knowledgeable 14 13
Not at all knowledgeable 7 10 A
Q900 Total 2018
% Total 2017
%
How knowledgeable are you about each of the following? Base: Adults 18+
2. Payday loans and other types of high-interest short-term loans (e.g., car title loans, pawn shop loans)
(n=2,017) (n=1,649)
A B
Very/Somewhat Knowledgeable (Net) 52 B 47
Very knowledgeable 17 17
Somewhat knowledgeable 36 B 30
Not at all/ Not Very Knowledgeable (Net) 48 53 A
Not very knowledgeable 21 19
Not at all knowledgeable 26 34 A
25
Q905 Total 2018
% Total 2017
%
Which of the following factors are most influential when you decide how to pay in certain situations (i.e., cash vs. debit vs. credit)? *
Base: Adults 18+
(n=2,017) (n=1,649)
A B
Amount 49 48
The points/rewards I can earn by using my credit card 40 39
Where/how I'm shopping (i.e., online vs. brick-and-mortar store) 36 37
The types of payment accepted where I am shopping 32 34
Desire to simplify or track my spending 21 23
Interest rates 23 22
Whether I need cash back at the time of my purchase 17 17
I do not use debit or credit cards 5 5
Other 6 6
* Multiple responses were allowed.
26
Q930 Total 2018
%
Which of the following factors have made it more difficult to minimize your debt? * Base: Adults 18+
(n=2,017)
Find It Difficult To Minimize Debt (Net) 55
Unexpected financial emergencies 24
Fees/Interest rates 18
Reduction of income 17
Unable to find room in the budget to increase payments 16
Job loss 11
Charging more than I'm paying off 11
Unwilling to find room in the budget to increase payments 4
Other 4
Nothing – I do not find it difficult to minimize my debt 30
N/A – I have never had any debt 15
* Multiple responses were allowed.
Q935 Total 2018
%
How knowledgeable do you feel you are about how your credit score is determined? Base: Adults 18+
(n=2,017)
Very/Somewhat Knowledgeable (Net) 77
Very knowledgeable 26
Somewhat knowledgeable 51
Not at all/ Not Very Knowledgeable (Net) 23
Not very knowledgeable 15
Not at all knowledgeable 7
27
Q937
Total 2018 %
Which of the following barriers, if any, have you ever experienced when trying to purchase your own home? *
Base: Adults 18+
(n=2,017)
Have Tried To Purchase Own Home (Net) 78
Faced Barriers (Sub-Net) 38
Rising home prices 14
Lack of funding for the down payment and/or closing costs 13
Existing debt 11
Limited housing options within my budget 11
Poor credit history / Low credit score 10
Little or no credit history 8
Competitive housing market (e.g., aggressive bidding wars, homes moving off the market too quickly)
7
Lack of understanding about the home buying process 6
Unstable employment (e.g., can't hold a steady job, can't find full time work) 5
Housing discrimination (e.g., race, religion, ethnicity, gender, sexual orientation) 2
Something else 2
None – I have not faced any barriers 40
N/A – I have never tried to purchase my own home 22
* Multiple responses were allowed.
28
Q940 Total 2018
%
Which of the following have you done in the past 12 months in attempt to obtain a lower interest rate for your credit card debt? *
Base: Adults 18+
(n=2,017)
Had Credit Card Debt In P12M (Net) 61
Have Done Something To Obtain Lower Interest Rate (Net) 17
Transferred balances to a different credit card with a lower interest rate 8
Paid off balances with a consolidation loan that has a lower interest rate 6
Called a creditor to negotiate a lower interest rate 5
Wrote a letter/email to a creditor to negotiate a lower interest rate 3
Other 2
None – I have not done anything in the past 12 months in attempt to obtain a lower interest rate for my credit card debt
44
N/A - I did not have any credit card debt in the past 12 months 39
* Multiple responses were allowed.
Q945 Total 2018
%
Which of the following are reasons why you haven’t done anything in attempt to obtain a lower your interest rate for your credit card debt during the past 12 months? *
Base: Have Not Done Anything To Lower Interest
Rate
(n=881)
I'm satisfied with my current interest rates 31
I never thought of it 25
I don't know how to 15
I'm not confident in my negotiating skills 13
I couldn't find a better interest rates 9
It's not worth the effort 7
I don't have time 7
I'm too lazy 5
Other 19
* Multiple responses were allowed.
29
Q950 Total 2018
%
If you were looking to start a new business, how would you come up with the money to finance it? * Base: Adults 18+
(n=2017)
Business Loan (Net) 32
Take out a business loan through a credit union (i.e., a member-owned financial cooperative) 17
Take out a business loan through a community bank (i.e., a commercial bank that derives funds from and lends to the community where it operates)
15
Take out a business loan through a national bank (i.e., a commercial bank that is a member of the Federal Reserve System) 14
Take out a business loan through an online only lender (i.e., a financial institution that only operates in the digital word, no physical branches
6
Personal Funds/Assets (Net) 26
Use personal funds (e.g., savings, income, retirement account funds) 22
Sell personal assets (e.g., property, stocks, bonds) 9
Apply for a grant, government or private (e.g., grants to kickstart economy, foundation-offered grants) 19
Borrow money through lender who offers SBA backed loans (i.e., loans sponsored by the Small Business Administration) 18
Angel Investor/Venture Capitalist (Net) 12
Get funds from a venture capitalist (i.e., an investor who provides capital to startup ventures or supports small companies that wish to expand)
8
Get funds from an angel investor (i.e., an affluent individual who provides capital for a business start-up, usually in exchange for convertible debt or ownership equity)
7
Borrow money from friends/family/business partners 12
Borrow money from a community development lender (i.e., a private financial institution that provides lending to help low-income, low-wealth, and other disadvantaged people/communities)
9
Solicit crowdfunding (e.g., GoFundMe, Kickstarter) 8
Use credit card(s) 7
Enter a start-up competition(s) (in attempt to win prize money) 6
Get a mortgage/second mortgage/home equity loan or line of credit 6
Take out a short-term payday loan (i.e., getting paid in advance for a future paycheck for a specified fee) 3
Other 3
Not at all sure 34
* Multiple responses were allowed.
